Completing the oral assignment
For this oral assignment you are required to complete the following tasks:
• Part 2: Preparation for oral assessment: You must complete and submit your responses in this document.
• Part 3: Oral response to questions: To be completed by audio recording.
Your assessor will complete the checklist.
• Part 4: Role play: To be completed by audio recording with a volunteer.
Your assessor will complete the checklist.
• Part 5: Role play: To be completed by audio recording with a volunteer. You must also complete and submit the Prospect Register in this document. Your assessor will complete the checklist.
• Part 6: Role play: To be completed by audio recording with a volunteer.
Your assessor will complete the checklist.
More information regarding requirements for the oral assignment are provided in the resources in your subject in KapLearn.
Saving your work
Download this document to your desktop, type your answers in the spaces provided and save your work regularly.
• Use the template provided, as other formats will not be accepted for these assignments.
• Name your file as follows: Studentnumber_Subjectcode_Oral_versionnumber_Submissionnumber
(e.g. 12345678_CIVMB_OR_v5A1_Submission1).
• Include your student ID on the first page of the assignment.
Before you submit your work, please do a spell check and proofread your work to ensure that everything is clear and unambiguous.
Submitting the oral assignment
You must submit your completed oral assignment (Word document) in a compatible Microsoft Word document. You need to save and submit this entire document.
Do not remove any sections of the document.
Do not save your completed oral assignment as a PDF.
You will also need to upload an audio recording of your oral assessment.
The oral assignment (in Word) and the audio recording must all be completed before submitting it to Kaplan Professional Education. Incomplete oral assignment documents and/or audio recordings will be returned to you unmarked.
The maximum file size for the written assignment (word document), oral assignment (word document) and audio recording is 20MB. Once you submit your oral assignment and audio recording for marking you will be unable to make any further changes to it.
You are able to submit your written and oral assignment earlier than the deadline if you are confident you have completed all parts and have prepared a quality submission.
Refer to your study guide so you can plan ahead to complete your audio recording before the written and oral assignment is due.
For more information see the resources in your subject about how to organise and upload your audio recording in KapLearn.
Note: The written assignment (in Word), oral assignment (in Word) and audio recording must all be submitted together.
The oral assignment marking process
If you reach the end of your initial enrolment period and have been deemed ‘Not yet demonstrated’ in one or more assessment items, then an additional four (4) weeks will be granted, provided you attempted all assessment tasks during the initial enrolment period.
Your assessor will mark your assignments and return them to you in the subject room in KapLearn under the ‘Written and Oral Assessment’ page.
Make a reasonable attempt
If you do not meet these requirements, you will be notified. You will then have until your submission deadline to submit your completed written and oral assessment.
How your oral assignment is graded
Your assessor will follow the below process when marking your oral assignment:
• Assess your responses in each part of the oral assessment, and then determine whether you have demonstrated competence in each question or checklist.
• Determine if, on a holistic basis, your responses have demonstrated overall competence.
You must be deemed to be demonstrated in all assessment items in order to be awarded the units of competency in this subject including:
• all of the exam questions
• the written and oral assignment.
‘Not yet demonstrated’ and resubmissions
Should parts of your oral assignment be marked as ‘not yet demonstrated’ you will be given an additional opportunity to amend your responses so that you can demonstrate your competency to the required level.
You must address the assessor’s feedback in your amended responses. You only need amend those sections where the assessor has determined the assessment result is ‘not yet demonstrated’.
You may be asked to re-record a part of your audio recording or to answer some written questions in this document. Use a different text colour for any written sections of your resubmission. Your assessor will be in a better position to gauge the quality and nature of your changes. Ensure you leave your first assessor’s comments in your oral assignment, so your second assessor can see the instructions that were originally provided for you. Do not change any comments made by a Kaplan assessor.
Units of competency
This oral assignment is your opportunity to demonstrate your competency against these units:
| FNSSAM403 | Prospect for New Clients |
| FNSCRD301 | Process applications for credit |
| FNSFMB401 | Prepare loan application on behalf of finance or mortgage broking clients |
| FNSFMB402 | Identify client needs for broking services |
| FNSFMB403 | Present broking options to client |
| FNSFMB501 | Settle applications and loan arrangements in the finance and mortgage broking industry |
| FNSFMK505 | Comply with financial services regulation and industry codes of practice |
| FNSINC401 | Apply principles of professional practice to work in the financial services industry |
| FNSINC402 | Develop and maintain in-depth knowledge of products and services used by an organisation or sector |
| BSBITU306 | Design and produce business documents |
| BSBCUS301 | Deliver and monitor a service to customers |
| BSBCUS402 | Address customer needs |
We are here to help
If you have any questions you can do the following steps:
1. Read the resources and watch the video about oral assignment in your subject in KapLearn.
2. Post your query at the ‘Ask your Tutor’ forum in your subject room. You can expect an answer within 24 hours of your posting from one of our technical advisers or student support staff.
Part 2: Preparation for oral assessment
To prepare for your oral assessment you are required to complete the following questions:
Question 1
How do you assess the need to adjust your interpersonal style to effectively communicate with different types of clients? Provide two (2) examples (e.g. when you are dealing with a difficult client).
| The need for adjusting the interpersonal skills is assessed as one interacts with clients. The kind of client one faces, it becomes clear how to communicate effectively. For doing so the awareness of one’s own personal style is of utmost importance. For instance, while talking to a client who is refusing to listen to any explanation about why he/she received such bad services, the interpersonal style of the speaker has to be altered to accommodating type from meditative type. Whereas, whilst talking to a client who demands an explanation for the business, the speaker will assess that behaviour and switch to meditative type from targeted type of interpersonal style. |
Question 2
You have a new client, Jeff Smith, and have just made an appointment to meet with him.
Compose a professional email to send to Jeff, confirming the appointment, outlining the purpose and time of your first meeting. Your email should also name the document/s you have attached for him to read prior to this meeting. (For this assessment there is no need to attach the document/s.)
| Dear Mr. Smith, I would like to confirm your appointment with us tomorrow on 12th October, 2020 at 2 pm. Kindly note that we would need credit disclosure documents for your estimate loan, income statement, asset possessions and mortgage documents for this meeting. The credit documents that will are attached to this E-mail include Annual Percentage Rate, Variable rate calculation and charge card repayment. Please contact me if you have any questions or clarifications. Also, keep me informed if any changes are needed for any specific reasons. Please bring your Resume and identity proofs with you tomorrow for our convenience. Regards. |
Question 3
In Parts 3, 4, 5 and 6 of this assignment you will act as a broker and will be required to make an audio recording. Prepare a list of resources and equipment you will need for these oral tasks.
| Recorder, pen, paper, internet availability, laptop. |
Question 4
Aside from the resources and equipment identified in Part 2 Question 3 of this assignment:
• What will you do to prepare for the delivery of the loan proposal in Part 4: Role play?
• What communication techniques would you use to respond to any difficult questions?
Note: You can refer to the case study information in Part 4 to answer this question.
This question demonstrates your ability to plan ahead for your interaction with the customer.
| My plan is to read carefully about the whole scenario and process the situation in my head for the possible conversation that might occur in reality. The loan proposal will be analysed thoroughly in order to avoid any mistakes. Any difficult question will be addressed using the communication technique of verbal and written communication. |
Question 5
In Part 5 of this oral assignment you will act as an Administrative Assistant and will be required to make an audio recording of two cold calls to prospective clients.
Visit the following website and the ‘Client prospecting Guidelines’ available in the toolbox and answer the following questions:
<https://www.accc.gov.au/consumers/sales-delivery/telemarketing-door-to-door-sales>.
• Explain what you must and cannot do with telemarketing.
• How would you prepare for the call using the guidelines mentioned above?
• What would be some key points you would want to cover in your script?
| For telemarketing, it must be ensured that the consumer rights are addressed and abided throughout the process. As an Administrative assistant, I have also to make sure that the salesperson cannot approach with the process to the client after he/she has changed their right. At first, they can agree to Telemarketing but we cannot enforce the process on the basis of their initial decision. The guidelines will be helpful in preparing about the dos and don’ts of the telemarketing process. I would especially use the information which states what to do after the client ha changed their mind and the salesperson can do after cooling off.The key points that I will cover in my script is the behaviour that a salesperson should exhibit and how the consumer rights are taken into priority consideration during the whole process of telemarketing transaction. |
Question 6
There have been recent changes to the level of ‘reasonable enquiries’ required to assess a client’s financial position making it necessary to obtain a number of additional documents to complete a more depth check of living expenses. Explain below how you would detail these changes to colleagues.
| The colleagues will be informed about the changes in a meeting with detailed factors presented in front of them. They will be given the opportunity to speak and ask for clarification in any aspect of the change. Every queries regarding the reasonable enquiries will be addressed and even after the implementation of that change, the colleagues will have the opportunity to question about and state any issue that they are facing which will be solved immediately. |
| Assessor feedback | Resubmission required? |
| No |
Part 3: Oral response to questions
(Note: No volunteer is required when you complete these questions.)
| Questions | Summary of oral response (assessor only) |
| 1. You are a broker who charges a fee for your service. You are meeting a new client, Stephanie Jones, for the first time at your office after an initial cold call. The purpose of the meeting is to start to gather information about her existing financial situation, goals and needs. To comply with organisation policy and legislative requirements and to ensure that Stephanie can make informed decisions moving forward, there are two documents you must provide to Stephanie. (a) Name the two (2) documents you must provide to Stephanie. There are some obligations that have to be abided in the form of some documents that has to be provided to the clients; these documents are credit guide, quote, proposal document and written assessment. (b) Explain the disclosures that are contained in the documents in your own words. The credit guide provides preliminary info about us to the client. The quote would tell Stephanie about the estimated cost to her about the services and the consumer fee. Quote must be provided to Stephanie before credit guide. The proposal document sets out the costs; it would state Stephanie cost that the service utilization would be including commissions. Proposal document should be given at the same time of credit assistance. Finally, a written assessment is the final assessment that a credit contract or consumer lease is “not unsuitable” for Stephanie. A free copy will be given to Stephanie if she asks for one within the 7 years of entering into the credit contract. (c) Give one (1) example of how you would check with her that she understands these disclosures. The way of checking whether or not she understands the disclosure is by communicating with her and checking if she understands what the disclosures mean. (d) Communicate to Stephanie your commercial relationship with the various product providers from which you will access loan product options for her. Stephanie will be made aware of the commercial relationship that I have with the various product providers and it involves the commercial relationship with transaction brokers and also some limited agencies also screen buyers. (Disclosures should include, but are not limited to, the range and limitation of your services, complaint handling process and the way you are remunerated.) | |
| 2. Stephanie has acknowledged that she understands the two documents and disclosures. She then begins to tell you more about her current financial situation. (a) Describe the communication skills you will use to: • encourage Stephanie to express her needs and goals • determine her current investment and assets position • consider various home loan options for her. I will be listening actively which would help Stephanie to encourage and speak more. Also, I need to ensure that Stephanie understands her decisions which is why I will ask questions for helping her to determine her current investments and assets position. The communication skill of clarity will be used to help her consider various home loan options. (b) Explain where you will initially record all information provided by Stephanie. Recording of information is necessary in order to check the progress of the task. The initial record keeping will help in ensuring that the needs of the client are met as per her records. | |
| 3. This is Stephanie’s first home purchase. She is very happy with all of your advice and has made a decision on which loan option she would like to take. She now asks ‘what happens from here?’ Advise Stephanie on: (a) • the key documents you will require from her prior to submitting an application • the steps that will occur from this meeting through to settlement and your role in those steps. The key documents required for applying loan are application form, an identity proof like Passport, a proof of address and finally an income proof. The clerk will look at the application, and enter necessary information along with loan amount and interest rate. A mortgage will set and then the application of loan will be approved. I will help in finding the most effective rate for the sort of mortgage from potential lenders. (b) how you will communicate with relevant parties to keep the loan approval process on track The communication needs to be constant and with strong negotiation skills. Every involved parties will have to convinced and the loan has to be approved. (c) how you will communicate with her throughout the process and advise her of next steps when the lenders decision for an offer (approval) or a non‑offer (declined) loan is made. I will keep Stephanie informed about the progress throughout the time until the loan is approved. I will readily clarify any queries she would have to ensure that the work is going in the right path. If we get an approval I will advise her to look forward for the decision and act accordingly and in case of a non- offer, I will encourage her to seek for more lenders. | |
| 4. After talking with friends, Stephanie expresses some resistance with committing and says she is a little worried that possible increases in interest rate will be too difficult for her to handle. (a) Ask Stephanie three (3) questions to help you identify the reasons for her resistance and how you would document them. Do you have reasons to believe that you would not have a stable source of income in the future to help you through this?Do you have savings that will help you to survive even after handling the interests?What makes you hesitant with committing to this? Every answer will be documented in the file of the client so that it can be used at times of convenience for the benefit of the client herself. (b) What processes would you use to research options for Stephanie and then present these options to effectively negotiate a commitment to proceed with the option you have recommended? I will use internet resources to help research options that will be most appropriate for Stephanie. These options will be presented to her through presentation and the presentation will show what she can miss if she gives up on these options. (c) Explain where you would document your research and discussions with Stephanie. The research and discussions will be documented in the client file that will be exclusive only for Stephanie. A copy of this file will be saved in cloud storage for future references. | |
| 5. A final decision on Stephanie’s loan application has been deferred by the credit approver due to property valuation coming in $15,000 lower than purchase price and taking LVR to just over 81%. The loan required is 80% of the purchase price and you are not sure Stephanie can come up with more cash contribution right at this time. You have spoken to the valuer, who will not change the value. (a) Describe how you would approach the lender to try to get the loan approved. Assuming that all other aspects of the proposal are strong, what would be some key points of the applicant or the proposal that you would emphasise to the lender in a bid to get loan approved. You may make positive assumptions about the applicant, as considered appropriate. I will communicate with the lender and ensure that my client has adequate credit score. I will also try to opt for the option of a co- applicant since that will increase the probability of the approval. Moreover, I will ensure the lender that my co- applicant has a stable income so that they can see that there will be no loss is approving the loan. (b) From your efforts the loan has now settled and you are required to obtain feedback from the client. Refer to the ‘Feedback Policy’ found under Organisation Policies and Procedures in the Toolbox. • Explain the feedback policy process to Stephanie. I will explain the importance of the feedback policy to Stephanie and state how this policy will be helping me and my career even if the feedback is constructive criticism. • Explain how her feedback would be actioned within the organisation. As soon as the feedback is given, the organization will look into it and make necessary changes that the client was not happy with in the first place. • Provide two (2) other sources of feedback that could help in evaluating professional business development needs. There is the option of reaching out directly to the manager for feedback that Stephanie might opt, also there are surveys that will help in provision of necessary feedbacks through anonymity. | |
| 6. Several months have passed since Stephanie’s loan was approved and settled. Your broker business has now grown substantially to the point you now employ four staff members in support roles to assist you and the two other brokers in meeting clients’ demands and liaising with lenders and other parties. You need to restructure the business to improve teamwork and processes. Briefly outline what you would do to initiate these improvements, taking into account: (a) skills and knowledge of the staff member involved: • how current allocation of duties could be improved A proper analysis of the project scope will be made before its allocation. The resources will be identified, and it will be ensured that none of the employees are over- allocated. • how to effectively plan work to be completed and maintain a team environment, while considering constraints and available resources Communication is the key in maintaining a peaceful work environment. It will encourage team work and help in building of relationships. Any conflict regarding the constraints and availability of resources can also be resolved through proper communication. (b) how data collection and storage could be better managed across the team while maintaining sustainability principles such as reducing paper documents Data collection and storage will be digital completely; it will help in reducing paper documents that will reduce the chances of file misplacement. Every team’s leader will be allocated with the responsibility of the collection and proper storage of data. (c) identify and evaluate some professional development activities or tools that would improve knowledge and teamwork within the team. Skill- based training and increased duties are some activities that that would improve knowledge and teamwork within the team. Skill- based training will make sure that a team knows why a team member is valued and for what skill, which make them aware of why they need every team member; it enhances team work. Increased duties will help in acquisition of more knowledge. | |
| 7. The triple-bottom-line philosophy is key to the continuing prosperity of a business. (a) Explain in your own words what the triple bottom philosophy is. The Triple- Bottom line philosophy is a philosophy in economics that believes that companies should be committed to focus on the social and environmental concerns as they put their emphasis on the profits. This philosophy states that in place of one bottom line there should be 3 namely, people, planet and profit. (b) Explain in your own words one (1) example of a new sustainability idea, activity or function you could introduce to your workplace. Explain what your idea is, any additional equipment or facilities required and the outcome you hope to achieve. I would focus on the environmental concerns and thus implement the new sustainable idea associated with promoting a paperless office and conservation of human energy or any energy in the office. Also explain how you will obtain approval and communicate and promote your initiative to your team. The team will be made aware of the ways in which the company can contribute to a better environment and how much we can save through this new sustainability idea. They will be shown how they can contribute by being a part of this idea in the office and thus gain their approval. Make some suggestions on how you will encourage your team to implement the idea. The team will be given instructions and option that they can take that will help in implementation of the idea. For instance, Team members will be advised to bring their own cup (which is not made of plastic or paper) and that will reduce plastic /paper waste that previously occurred for coffee machines. |
Assessor checklist — oral responses to questions
| Your assessor will complete the checklist for your oral response to each question. | Demonstrated or Not Yet Demonstrated | |
| 1 | Demonstrates understanding of the duty of disclosure | Not yet demonstrated |
| 2 | Describes how to ascertain a client’s needs and determine their current financial position. | Not yet demonstrated |
| 3 | Outlines the key documents required from a client during the loan application process | Not yet demonstrated |
| Describes the steps that occur in the loan process | Not yet demonstrated | |
| 4 | Demonstrates understanding of how to identify and address client concerns | Not yet demonstrated |
| Demonstrates understanding of risks associated with various loan options | Not yet demonstrated | |
| 5 | Describes how a mortgage broker would approach a lender to get a loan approved. | Not yet demonstrated |
| 6 | Outline how a mortgage broker can restructure their business to improve teamwork and processes. | Not yet demonstrated |
| 7 | Recognises and implements sustainability principles and work practices. | Not yet demonstrated |
| Student resubmission response (if required by assessor): |
| Assessor feedback: | Resubmission required? |
| No |
Part 4: Role play
You will participate in a role play for a maximum of 10 minutes. The role play will be conducted by audio recording. You will need a volunteer to assist you in the role play.
For your volunteer you need to select an appropriate person who is able to participate in the volunteer role criteria below. The volunteer needs to understand that this is part of your assessment. Provide a copy of the Volunteer Guide in your KapLearn subject to your volunteer so they understand what they need to do in your assessment.
You will not be assessed on your acting ability. You will be assessed on the criteria listed below the task under assessor feedback.
When starting your role-play recording, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree verbally before the recording may continue.
See the ‘resources’ in your subject in KapLearn to assist you in preparing for your role play.
Role play case study — Philip and Jennifer Brown
Note: This Philip and Jennifer Brown case study is also used in the written assignment as part of this course. It is recommended that you complete Tasks 1 and 2 of the Written assignment prior to undertaking the role play, as this will assist you in assessing the clients’ needs and potential loan structure that you can use for this role play activity. Alternatively, in preparation for the role play, use the tools available to you (e.g. loan calculators, lenders and Genworth websites), to prepare your presentation to the clients.
Background
Philip and Jennifer Brown are a young couple about to buy their first home. They have been married for five years and during that time have rented an apartment while saving for their own home.
Following a personal referral from Glenn Brown (Philip’s brother), you have already had a first meeting with Philip and Jennifer to discuss their objectives and needs. They admitted they have little time to do much research on lenders; have limited knowledge of the loan products available and basically are not sure what is right for them.
During (and subsequent) to your first meeting, Philip and Jennifer have provided the basic information documents — pay slips, tax returns, bank statements, property details for review/verification. You have now undertaken your preliminary assessment and need to discuss and present to them the proposal covering the options and your recommendations. It is important to get the proposal moving quickly, as the agent has indicated other parties are interested in the property.
They have been looking at properties for the past three months and have found a 10-year-old established apartment that has really caught their eye; although they have some concern over the kitchen, which requires a little work.
They have not paid a deposit at this stage, but the real estate agent has provided some guidance on additional fees and charges.
Following is a summary of the details of the property they wish to purchase, the couple’s financial and employment details, and the loan features they require.
The property
| Address | Unit 1, 92 Seaside Lane Edgartown (Your state) |
| Purchase price | $490,000 |
| Description | 2 bedroom, 2 bathroom, Strata Title apartment |
| Agent details | Stephanie Jones |
| Landline | 8123 1113 |
| Mobile | 0412 880 088 |
The couple
| Current address | Unit 12, 22 Wentworth Lane, Highville, (Your state) |
| Philip and Jennifer have lived there since March 2012 | |
| Home phone | 9123 2121 |
Funds position
| Purchase price | $490,000 |
| Client’s estimate of costs | $25,000 |
| Total required | $515,000 |
| Loan | $440,000 + LMI |
| Client’s own contribution (includes proposed deposit of $50,000) | $75,000 |
Use fees and charges applicable to your state. If the servicing calculator you are using requires a postcode, select one (1) that would represent a reasonable suburb/location in your city or state.
Assets
| Capital Bank savings account (joint) | $78,000 |
| Capital Bank cheque account (joint) | $1,600 |
| Holden Commodore SS 2007 (Philip) | $25,000 |
| Kia Cerato Sport 2015 (Jennifer) | $9,000 |
| Superannuation — Capital Bank (Philip) | $28,000 |
| Superannuation — Capital Bank (Jennifer) | $62,000 |
| Household effects (insured value) | $40,000 |
Liabilities
| Capital Bank personal loan (Philip) | $5,600 (repayments $180 p.m.) |
| Capital Bank Visa card (Philip) | $200 (limit $4,000) |
| Capital Bank Visa card (Jennifer) | $1,600 (limit $5,000) |
Payments have always been met on time and any prior loans repaid in terms of contracts. The minimum monthly commitment on each of the credit cards should be calculated at 3% of the credit limit.
Living expenses
Annual expenditure for living expenses — $33,000.
Employment and income
Philip (date of birth 21/2/87)
| Position | Team Leader (full time) |
| Employer | ACE Pty Ltd, 101 City Rd, Westside (Your state) |
| Phone | 9800 1111 |
| Income (gross) | $58,000 p.a. monthly gross income: $4,833 |
| Employer contact | Dwayne Johnson, HR Manager |
| Length of service | Since October 2005 |
| Driver’s licence | 8855KL |
| philipb@ace.com.au |
Jennifer (date of birth 8/10/88)
| Position | Accountant (full time) |
| Employer | Tech City, 804 High Street, City East (Your state) |
| Phone | 9910 2033 |
| Income (gross) | $95,000 p.a. monthly gross income: $7,917 |
| Employer contact | Bruce Wayne, HR Manager |
| Length of service | Since March 2006 |
| Driver’s licence | 17016C |
| jbrown@techcity.com.au |
Solicitor’s details
Jones and Co
22 High Street, City East (Your state)
Phone: 82811382
Email: jonesandco.net.au
The solicitor has quoted a fee of $1,500 for the conveyance.
The loan requirements
• 30-year term
• premium option home loan features
• variable interest rate (for this case use 4.5% p.a.)
• LMI to be capitalised
• proposed settlement date — six weeks from exchange of contracts
• ability to make additional payments from time to time without penalty
• fortnightly repayment option
• redraw facility
• funds access via card.
Note: Loan application fee is waived under Special Offer.
Other information
• They have advised that the Real Estate Agent has indicated they need to make a formal offer within the next 10 days, however they are reluctant to do so until they obtain an approval.
• Jennifer has asked if there are any professional package benefits available because she is an accountant. However she did confirm she has not maintained her continuing professional development.
• Jennifer previously owned and lived in an apartment with her two older sisters when they attended university but they sold this before she married — they did not make a lot from the sale.
• The couple do not plan to have children within the next five years.
• However, they do have plans to take a major overseas trip within five years.
• Philip is hoping for a promotion within the next 12 months upon possible retirement of a long-term employee where he works.
• They have also expressed a concern about the possibility of interest rates increasing.
Task
You are required to complete this ‘role play’ as part of the oral assessment’, which should take a maximum of 10 minutes. You may find use of the Fact Find document, Appendix 1, from the Written assignment will be helpful.
To set the scene for this role play:
• You are required to present your analysis and recommendations to your client (your volunteer) covering any concerns they may have.
• Due to the need to get an approval so contracts can be signed, an appointment has been made but unfortunately one of them (this will depend on which role your volunteer plays — Philip or Jennifer) cannot be present as he/she has had to go interstate urgently to visit a sick brother.
• Your clients do not wish to delay this meeting as they are keen to hear what you have to present — information can be passed to the other over the phone, when needed.
• This oral presentation should focus on presenting your analysis of the couple’s current position, loan prospects, evaluation of product options, as well as your recommendation, covering the following essential points:
– a summary of your understanding of the clients’ needs (this could be an outline summary of their proposed loan structure)
– a summary of their current financial position (use information from the case study)
– your explanation of the product options evaluated that meet their needs (you should have researched at least two lenders) and details of the loan features; use the internet or if working in industry, internal software to do this
– the option you recommend and the reasons for the recommendation — including the loan amount, term and repayments, explain how the recommended product meets the clients’ needs (refer to the case study) and explain why you are recommending this lender.
– invite questions from the client and respond accordingly.
There are no rules regarding the format of your presentation, however it must be presented so that it is succinct and easily understood by clients. Please use the format that best suits you — this could include covering the detail you have prepared in a written proposal document.
The role play requires the volunteer to ask at least three (3) questions — with suggested questions provided in Volunteer Guide. However, the volunteer can ask other ‘unrehearsed’ questions if they wish. Remember, you are not being judged on your acting ability. Your assessment is about how you communicate and interact with the customer. You may need to adjust your presentation of the proposal, depending on the time that the questions are asked. However; to manage time, you may ask the volunteer to keep their questions until you have finished presenting your recommendations.
The assessment criteria you will be assessed on includes the following:
• appropriate introduction and building rapport
• explore solutions that meet clients’ goals and objectives
• present broker solution to clients’ request
• explain relative fees and charges
• collaborate on risk identification
• response to questions, record customer feedback and actions taken.
Role Play:
Me: “I have analysed all of your needs and concerns and I understand why you think of waiting for approval before making a commitment to the property. Assessing your financial aspects, I can advise that there are high chances that your loan will be approved and I am also looking into that matter. I am in constant contact with the parties so that your approval is made sure, so leave that fact to me.”
Philip: “But they need us to make a formal offer within the next 10 days; do you think our loan would be approved in these 10 days. Even if we deposit the money and make the commitment, what would we do if we do not get the approval?”
Jennifer: “The amount is huge and we cannot pay it by ourselves, and you know that. so, how can we take that risk?
Me: “I understand all your concerns, but my concern lies in the fact that you two have set your eyes in this property and I am afraid if we do not make a deal, they will pass it down to somebody else.”
Jennifer: “But the approval, how can we commit to such a big thing without the approval?”
Me: “This loan is something that I would recommend for the fact that it has great interest and with sources of income which is a total of $153, 000 p.a., I am worried that if we lose this deal, we will lose the property. The loan features are great as compared to other; $440, 000 +LMI; it is something that I would highly suggest that you grab on to.”
Jennifer: “So, what is the next step? What do we do?”
Me: “I have already made an appointment for approval meeting. Let’s go and meet up with the parties so that we can talk to them and speed up our approval process. I am sure we can negotiate. With your current financial status and stable source of income, the approval’s chances are very likeable. We have everything we need in documents to convince the parties and get that approval. And even if they cannot speed up the process to 10 days, we will try to get the soonest amount of time possible so that we can negotiate with the real estate agency. I am sure they will understand.”
Philip: “When is the meeting?”
Me: “Tomorrow.”
Philip: “I cannot be there tomorrow. I have to go visit my sick brother; I will leave town today and would not be back for the weekend.”
Jennifer: “Is it possible that only I attend the meeting, because we do not want to delay anything anymore.”
Me: “Yes, I can prepare for that and I will inform Philip everything he wants to know over the phone. You do not worry about that.”
Assessor checklist — role play
| Assessor checklist completed after observing the audio recording of the role play | Demonstrated or Not yet demonstrated | |
| 1 | Uses appropriate introduction and builds rapport | Not yet demonstrated |
| 2 | Explores solutions that meet clients’ goals and objectives | Not yet demonstrated |
| 3 | Presents appropriate broker solution to clients’ request | Not yet demonstrated |
| 4 | Explains relative fees and charges | Not yet demonstrated |
| 5 | Collaborates on risk identification | Not yet demonstrated |
| 6 | Responds to questions, records customer feedback and actions taken | Not yet demonstrated |
| Student resubmission response (if required by assessor): |
| Assessor feedback: | Resubmission required? |
| No |
Part 5: Role play
You will participate in a role play for a maximum of 5 minutes. The role play must be conducted by audio recording. You will need a volunteer to assist you in the role-play.
For your volunteer you need to select an appropriate person who is able to participate in the volunteer role criteria below. The volunteer needs to understand that this is part of your assessment. Provide a copy of the Volunteer Guide in your KapLearn subject to your volunteer so they understand what they need to do in your assessment.
You will not be assessed on your acting ability. You will be assessed on the criteria listed below the task under Assessor feedback.
When starting your role-play recording, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree verbally before the recording may continue.
Task
In this role play, you will play the role of a mortgage broker’s assistant at YS Finance Sydney, a practice that has been established for 10 years and provides advice on business, home and investment loans.
Your manager at YS Finance has provided you with phone numbers of two prospective clients and has asked you to successfully undertake two cold calls.
The purpose of this role play will be to call each prospect and scope whether these two prospective clients are interested in learning more about financial products and services, by speaking with one of YS Finance’s credit representatives.
To successfully complete this role play, you must refer to and follow the ‘Client prospecting guidelines’ located in the Toolbox.
Call 1:
Is to be made to a prospect named Susan Phillips and will lead to a positive outcome; with the prospect wishing to talk with Jim Kelly, a credit representative at YS Finance.
Call 2
Is to be made to a prospect named David Williams.
On this occasion, you will not have a positive outcome with the prospect, and the call will not advance beyond seeking permission to continue with the call.
After completing these two (2) calls, you must record details from each call in the ‘Prospect Register’ below, as per instructions in the ‘Client prospecting guidelines’ in the toolbox, to build up organisational knowledge of prospecting client’s characteristics.
| Date | Prospect name | Date entered in ’Do not call’ register if applicable | Outcome or Comments | Credit Representative allocated | Date that the Credit Representative will need to contact the prospect |
| 12th Oct, 2020 | Susan Philips | NA | Positive Outcome; | Jim Kelly | 15th October, 2020 |
| 12th October, 2020 | David Williams | 12th October, 2020 | Negative | NA | NA |
Note: Under the NCCP, credit representatives are authorised to engage in specified credit activities on behalf of a credit licensee — for example, a mortgage broker.
Call 1:
Me: “Good Morning! I am speaking from YS Finance Sydney; may I have a few moments to talk with you about our services?”
Susan Philips: “Okay, sure.”
Me: “Miss Philips, we are operating for the past 10 years in the field of financial advice and we have great feedback from clients.”
Susan Philips: “What kind of advices do you give?”
Me: “Our company provides advice on business, home and investment loans and more.”
Susan Philips: “Home loans? You can tell me more about home loans?”
Me: “Yes, miss Philips we can. If you are interested, then I can connect you with our credit Representative, Mr. Jim Kelly. He is one of the most efficient representatives we have.”
Susan Philips: “Can I request to talk with him on any other day than today?”
Me: “Of course. When should I tell Mr. Kelly to contact you?”
Susan Philips: “Any day after 14th October.”
Me: “I am entering 15th October here, if it’s okay with you.”
Susan Philips: “Yes, it is.”
Me: “Thank you. Have a nice day.”
Call 2:
Me: “Good Morning! I am speaking from YS Finance Sydney; may I have a few moments to talk with you about our services?”
Davis Williams: “Okay, sure.”
Me: “Mr. Williams, we are operating for the past 10 years in the field of financial advice and we have great feedback from clients.”
David Williams: “I am sorry, But I do not need any such advice right now.”
Me: “Okay Mr. Williams. No problem. Thank you for your time. Have a good day.”
David Williams: “Thank You.”
Assessor checklist — role play
| Assessor checklist completed after observing the audio recording of the role play | Demonstrated or Not yet demonstrated | |
| 1 | Used appropriate questioning and listening skills to determine prospective client’s needs | Not yet demonstrated |
| 2 | Successfully undertake cold calling, relationship building and prospecting for sales of financial products and services | Not yet demonstrated |
| 3 | Used a range of communication and interpersonal skills to gather prospect’s details | Not yet demonstrated |
| 4 | Informed prospective client of role of advisers and organisation | Not yet demonstrated |
| 5 | Established a sales response and recorded required information | Not yet demonstrated |
| Student resubmission response (if required by assessor): |
| Assessor feedback: | Resubmission required? |
| No |
Part 6: Role play — Team work
You will participate in a role play for a maximum of five (5) minutes. The role play will be conducted by audio recording. You will need a volunteer to assist you in the role play.
For your volunteer, you need to select an appropriate person who is able to participate in the volunteer role criteria below. The volunteer needs to understand that this is part of your assessment. Provide a copy of the Volunteer Guide from your KapLearn subject room to your volunteer, so that they understand what they need to do in your assessment.
You will not be assessed on your acting ability. You will be assessed on the criteria listed below under the student role.
When starting your role-play recording, ask your volunteer if they give permission to be included in the audio recording. The volunteer needs to agree verbally before the recording may continue.
Task:
You are a mortgage broker who works at XY Mortgages.
You currently have seven (7) clients who are at varying stages in the loan process:
• You have already submitted a loan application for three (3) of them.
• You are awaiting settlement for two (2) of them.
• You are at the stage of finalising the loan application for one (1) of them.
• You have recently been assigned one (1) of them by your manager. You have not yet contacted or met this one.
You have another colleague in your team, who is also a mortgage broker. You both report to the same manager.
Your manager will normally assign clients who come into the practice, between you and your colleague; according to your workloads. However, your manager is currently on leave.
During your manager’s absence, two new tasks have arisen:
• A new client has come to the practice and needs to be assigned to a broker.
• The CEO of the practice, has sent through a request to receive a completed summary report of your team’s activities from the last financial year. This is due within three business days.
In this role play, you are to conduct a team meeting with your colleague, in your manager’s absence. Your volunteer will play the role of your colleague.
In this team meeting you will need to do the following:
1. Discuss with your colleague the status of their loans and ascertain what stage each of their loans are at.
2. Discuss with your colleague how, over the next week, you will both manage these two (2) new tasks and come up with a plan of who will complete each task. Ensure that you encourage your colleague to participate in (and take responsibility for) these tasks with you.
3. Organise a meeting time, in the near future, where you and your colleague can discuss the progress made on these two tasks (note: you do not need to conduct this future meeting).
Remember, you are not being judged on your acting ability. You will be assessed on the criteria listed in the checklist below.
Role Play:
Me: “We have 7 clients amongst whom 3 client’s loan application have been submitted, we are waiting settlement for 2 clients, 1 client’s loan application is in the finalising stage and 1 client has been newly assigned, I have not yet met him.”
Colleague: “There is another new client, who needs to be assigned to a broker. Since you already have a client whom you will meet and contact, let me handle this client by myself. It will distribute the responsibilities since manager is also not here to assign.”
Me: “Yes, that will actually be helpful. Thank you. Now, we actually have to figure out how to report out team’s activities for the last financial year. It’s due in 3 days.”
Colleague: “We need to divide this task too. It will save the time and we will have enough left to discuss the progress of the task before submitting the report to the CEO of Practice.”
Me: “Yes. Let’s divide the last financial year into two sections, you report the team activities from the month of January to June, and I will report about the month June to December.”
Colleague: “Sounds good. When do you think we should complete it so that we can have time to discuss it with ourselves before we report it?”
Me: “The report is due in 3 days. Let’s take the first day to handle the new clients. And after that meeting, we will start working on the report. We will hold a meeting on EOD like 6 pm of the second day to discuss the progress of the report and then submit it to the CEO on time.”
Colleague: “Sounds perfect to me.”
Assessor checklist – role play
| Assessor checklist completed after observing the audio recording of the role play | Demonstrated or Not Yet Demonstrated | |
| 1 | Actively encourage team members to participate in and take responsibility for team activities and communication processes | Not yet demonstrated |
| 2 | Determine tasks to be done and identify relevant conditions to work autonomously or in team environment | Not yet demonstrated |
| 3 | Plan work to manage resources, time and priorities | Not yet demonstrated |
| 4 | Contribute to organisational planning process as required to achieve service improvement | Not yet demonstrated |
| Student resubmission response (if required by assessor): |
| Assessor feedback: | Resubmission required? |
| No |
